EMI License in Ireland

Ireland has positioned itself as one of the leading financial hubs within the European Union, offering a transparent regulatory framework, investor-friendly environment, and direct access to the EU’s Single Market. One of the most attractive authorizations for fintech companies in Ireland is the Electronic Money Institution (EMI) license, which enables businesses to provide electronic money issuance, payment services, and related financial activities across all EU/EEA states under the passporting regime.

What Does an EMI License Give a Company?

An Irish EMI license provides a company with the ability to:

Issue electronic money (e-wallets, prepaid cards, digital currencies).
Provide payment services (domestic and cross-border money transfers, payment accounts, acquiring services).
Access the EU/EEA Single Market under the passporting rules of PSD2 and the E-Money Directive.
Enhance credibility and trust with clients, partners, and investors, given the Central Bank of Ireland’s (CBI) strong reputation as a regulator.
Leverage Ireland’s financial ecosystem, which includes proximity to major banks, payment providers, and a skilled fintech workforce.

This license allows fintechs to scale efficiently, expand internationally, and operate under a robust regulatory framework aligned with EU directives.

Requirements for Obtaining an EMI License

The Central Bank of Ireland (CBI) sets out clear but demanding requirements to ensure compliance, sustainability, and consumer protection. The key requirements include:

Legal Structure: Incorporation of an Irish entity with a registered office in Ireland.
Capital Requirements: Minimum initial capital of EUR 350,000.
Business Plan: A detailed plan outlining services, financial projections, target markets, and risk management strategies.
Governance & Management: Fit and proper directors and senior managers with experience in payments, compliance, and risk management.
AML/CFT Policies: Robust anti-money laundering and counter-terrorist financing systems.
Internal Controls: Strong compliance, audit, and risk management frameworks.
Local Presence: Sufficient operational substance in Ireland, including compliance and risk oversight functions located locally.

Stages of Obtaining a License

The authorization process with the CBI is structured and involves several stages:

Preliminary Meeting – Introductory discussion with the CBI to present the project and receive initial feedback.
Application Preparation – Compilation of the full licensing package, including forms, policies, and business plan.
Submission of Application – Formal submission of documents to the CBI.
Assessment Phase – Regulator reviews documents, raises queries, and requests clarifications.
Decision Phase – Once all queries are resolved, the CBI issues authorization.

Timeframe

The timeframe depends on the complexity of the application and the completeness of documentation submitted. Typically:

Preparation of documents: 3–4 months.
Review by CBI: 6–12 months.
Overall timeframe: 9–16 months on average.

IFB International Fintech Business

At IFB, we specialize in supporting fintech companies through the entire process of obtaining an EMI license in Ireland. Our services include:

Assessing your business model and advising on the most effective licensing strategy.
Preparing the full licensing application package in line with CBI requirements.
Providing compliance and risk management frameworks tailored to your operations.
Assisting with local presence requirements, including governance and staffing.
Guiding you through regulator communications until authorization is granted.

With our expertise and international experience, we help fintechs confidently navigate the licensing process and establish a strong presence in Ireland and the EU market.